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The Real Deal NYC

For sale by owner: The pitfalls of cutting out the broker

It’s not easy going it alone. Only 8 percent of U.S. home sellers in 2017 didn’t use a broker, according to a survey of 7,866 home buyers released by the National Association of Realtors in October. Homes that were listed last year with a real-estate agent had a median sales price of $250,000, while those sold by owners had a median price of $190,000, the Wall Street Journal reported based on the NAR survey. Owners […]

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UES condos may be first purchases using Bitcoin in NYC

The buyers of two Upper East Side condominiums may be the first to use Bitcoins to purchase real estate in the city. Magnum Real Estate Group’s Ben Shaoul is in contract to sell two sponsor units at the rental-to-condo conversion at 389 East 89th Street to separate buyers, the New York Post reported. One unit is a 624-square-foot studio with an asking price of $875,000, and other is a 989-square-foot one-bedroom with a $1.48 million […]

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Gary Barnett facing rising backlash in Israel over $75M payout

Gary Barnett is facing rising acrimony in Tel Aviv over a $75 million shareholder dividend that his company announced last week. Peeved bondholders claim the dividend is an undeserved payday for the Extell Development chief, who countered that it was justified since he’s covered significant expenses out of his own pocket. The brouhaha started on March 12 when Barnett announced that he sold $107 million worth of preferred shares in the $4 billion Central Park […]

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Steven Schnall issues mortgages to immigrants and builds luxury condos on the side, but can he keep it going in a tough market?

About a year ago, Taylor Swift’s security team knocked on the door of Steven Schnall’s Tribeca home with an unusual request. Swift, who lives in a penthouse next door, didn’t have indoor parking, which made her vulnerable to paparazzi waiting to snap her photo whenever she stepped out of a car and onto the curb. The security team wanted to know if Schnall would be willing to sell his garage. The 50-year-old, who occupies a […]

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Two Staten Island industrial sites spanning 1.1M sf hit the market

A pair of Staten Island industrial sites spanning more than 1 million square feet hit the market. The sites collectively span roughly 1.1 million square feet across 24.5 acres and consists of two sets of parcels at 4482 Arthur Kill Road and 742 Sharrotts Road in the borough’s West Shore-Charleston neighborhood, according to Kalmon Dolgin Affiliates. A Kalmon Dolgin team led by James Dario Jr. and Neil and Grant Dolgin is exclusively managing the listing […]

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Fed raises short-term interest rates; signals more hikes on horizon

The Federal Reserve voted to raise short-term interest rates by a quarter of a percent, citing a strong economy, and signaled more hikes were on the horizon this year. The Fed’s decision to raise its benchmark rate to between 1.5 and 1.75 percent came Wednesday, during its first meeting led by new Federal Reserve Chairman Jerome Powell. Officials planned three rate increases for 2018, but it seems increasingly likely there may be more increases this […]

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Steel prices climb nationwide as real estate industry braces for tariffs

President Trump’s controversial tariffs on steel and aluminum imports haven’t taken effect yet and they are already having an impact on commercial real estate across the country. Steel prices have climbed around 10 percent nationwide as the construction industry prepares for Friday’s change, according to the National Real Estate Investor. Trump announced the 25 percent tax on foreign steel and 10 percent tax on aluminum earlier this month, citing national security as a primary reason. […]

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Vornado paid Steve Roth $2M for stocks he didn’t own

Steven Roth, CEO of Vornado Realty Trust, quietly received nearly $2 million worth of dividends last year on shares he didn’t own, tripling his cash compensation. Companies often provide executives with shares that don’t vest for several years, though they vary on when they pay out dividends. While some companies wait for executives’ restricted shares to vest before paying out dividends, others pay executives as if they owned the unvested shares, Crain’s reported. Vornado isn’t […]

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Savanna, Silvermintz look to sell Chelsea office building for $275M

Who wants to be Jay-Z’s landlord? An office building home to the rapper’s entertainment company has hit the block. Savanna and the Silvermintz family are looking to sell a newly constructed Chelsea office building at 540 West 26th Street for around $275 million. Roc Nation, an entertainment company founded by the rapper Jay-Z, occupies 73,000 square feet in the 166,000 square-foot property under a lease running through 2036. Avenues: The World School leased the remaining […]

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Blackstone co-founder Peter Peterson dies at 91

Peter Peterson, co-founder of the Blackstone Group and former U.S. commerce secretary, died Tuesday at the age of 91. Peterson co-founded Blackstone with Stephen Schwarzman in 1985 and turned it into a global private equity behemoth (and one of New York’s largest property owners). “I always wanted to get into Wall Street and do what I am doing now — invest,” he told the New York Times in 2007. “I was experienced enough to realize […]

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